Additional Support Anticipated For Singapore Stock Market

(RTTNews) - The Singapore stock market rebounded again on Wednesday, one session after halting the two-day winning streak in which it had collected more than 30 points or 1 percent. The Straits Times Index now rests just above the 3,170-point plateau and it's predicted to open in the green again on Thursday.

The global forecast for the Asian markets is upbeat, with technology stocks expected to lead the way higher. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The STI finished sharply higher on Wednesday following gains from the financial shares and property stocks, while the industrials were a mixed bag.

For the day, the index spiked 52.50 points or 1.68 percent to finish at the daily high of 3,170.29 after trading as low as 3,134.62. Volume was 982 million shares worth 1.05 billion Singapore dollars. There were 288 gainers and 183 decliners.

Among the actives, United Overseas Bank skyrocketed 3.44 percent, while DBS Group surged 3.01 percent, Keppel Corp soared 2.49 percent, Singapore Technologies Engineering spiked 2.25 percent, Oversea-Chinese Banking Corporation accelerated 2.03 percent, Yangzijiang Shipbuilding rallied 1.69 percent, City Developments jumped 1.44 percent, Yangzijiang Financial strengthened 1.25 percent, Mapletree Logistics Trust climbed 1.18 percent, CapitaLand Investment advanced 1.06 percent, SATS improved 1.00 percent, Hongkong Land increased 0.81 percent, Thai Beverage sank 0.78 percent, SingTel added 0.75 percent, Comfort DelGro gained 0.70 percent, Mapletree Commercial Trust rose 0.56 percent, Singapore Exchange collected 0.51 percent, Ascendas REIT perked 0.35 percent, SembCorp Industries fell 0.33 percent, Wilmar International was up 0.25 percent and Genting Singapore, CapitaLand Integrated Commercial Trust and Mapletree Industrial Trust were unchanged.

The lead from Wall Street is positive as the major averages opened mixed and remained that way through much of the session before a late rally pushed them all into the green by the close.

The Dow added 47.79 points or 0.15 percent to finish at 31,874.84, while the NASDAQ surged 184.50 points or 1.58 percent to end at 11,897.65 and the S&P 500 rose 23.21 points or 0.59 percent to close at 3,959.90.

The jump by the NASDAQ reflected strength among tech stocks, which came amid a positive reaction to earnings news from Netflix (NFLX). Semiconductor stocks also turned in a strong performance on the day, with the Philadelphia Semiconductor Index spiking by 2.5 percent.

On the other hand, gold stocks came under pressure over the course of the session, dragging the NYSE Arca Gold Bugs Index down by 3.1 percent. The weakness among gold stocks came as the price of gold for August delivery fell $10.50 to $1,700.20 an ounce.

In U.S. economic news, the National Association of Realtors reported that existing home sales tumbled by much more than expected in June.

Crude oil futures settled lower Wednesday amid concerns about the outlook for gasoline demand during the summer driving season. West Texas Intermediate Crude oil futures for August ended lower by $1.96 or 1.9 percent at $102.26 a barrel on the expiration day.